With out main financial catalysts across the nook, we’re testing this technical setup on AUD/NZD that each short-term and swing gamers can try. Will the latest bounce attract sellers into the downtrend?
Earlier than shifting on, ICYMI, at this time’s Every day U.S. Session Watchlist checked out EUR/USD ahead of major U.S. economic updates, so be sure you test that out to see if there may be nonetheless a possible play!
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Recent Market Headlines & Financial Knowledge:
Upcoming Potential Catalysts on the Economic Calendar
New Zealand Abroad Commerce Index at 6:45 pm GMT
South Korea GDP & Inflation Charge at 11:00 pm GMT
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What to Watch: AUD/NZD
On the one hour chart of AUD/NZD above, we’ve received a sluggish and regular grind decrease that took a fast flip to the upside in at this time’s buying and selling session.
That is possible a response to a better-than-expected GDP update from Australia for the second quarter of 2021, and ignoring expectations that development will sluggish within the third quarter.
The pair is now buying and selling at a technical area of significance, the place a falling ‘highs’ sample is intersecting with a latest consolidation space that held the bulls again on the finish of August.
We’ve additionally received the stochastic indicator displaying short-term oversold sign, including to the argument that we might even see technical resistance inside the subsequent session or two.
So we’ll be looking out for bearish patterns to type earlier than contemplating a brief positions. We’ve received low tier financial knowledge from each New Zealand and Australia on the best way, however they’re not more likely to transfer the pair.
What’s extra more likely to transfer AUD/NZD is any recent pandemic updates, particularly any indicators of decelerating instances which will additional help New Zealand’s easing out of lockdown and/or accelerating case counts in Australia that additional helps prolonged lockdowns there.